The Commission for Consumer Protection has given 14 days to fast loan companies to eliminate unfair clauses in their contracts with consumers.
“I gave a 14-day deadline for the unequal clauses – it runs differently, from the date of receipt of the letter, but some are hiding and do not receive them. On some practices I have given immediate effect. If they do not comply with the unequal clauses, I will file a collective action within 14 days. Unfair practices can be appealed. However, if any non-banking financial institution dares to violate an order that has entered into force, it will be sanctioned for each and every contract,” the chairperson of the commission, Maria Filipova, told BNT.
“We start with the incomplete information in the form used to apply for a quick loan. Then the contract and its early termination, interest and APR, discrepancy with the contract information. Providing individual guarantors with incredible conditions to which they must comply’.
Companies for fast loans in such a way hide the clauses that a thorough financial analysis must be done on each contract, commented Filipova. Often there is more than one repayment plan in the contracts, which confuses the user further.
“Here we are talking about people in a dead end and the mental harassment that is inflicted on them with the constant ringing and delivery of a letter-notification for which they ask 50 BGN so that the user can get it. Employees employed by non-banking institutions visit people at their workplaces, stick name notes in front of their homes.
It is written in the constitution – citizens must be able to submit alerts, warnings and warnings to state authorities. In this case, KZP and I, as its chairman, are obliged to protect the interests of consumers precisely from violations of the normative acts. Here the problem is with the consumer and the so-called fast loans. The Bar Association has all my respect,” she added.
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